Executive and Co-founder of Elysium to join CRYPTALGO

A Swiss-based institutional crypto-trading and brokerage firm CRYPTALGO declared that it has approved Ed Mount to its advisory board
26 June 2018   914

Ed Mount will assist as the Chief Adviser of Trading Technologies. He is a specialist in automated database technologies and the former founder of Elysium Technology Group, a post-trade solutions provider for foreign exchange (FX) and futures. Previously, Mount was the Managing Director and Global Head of Electronic FX Trading at Nomura (a major Japanese financial holding company) and Royal Bank of Scotland.

Jon Matonis is another senior official to be appointed to the board. He is the Founding Director of the Bitcoin Foundation joins a host of other experienced hands at the firm. Matonis has got a wealth of experience in the crypto industry. Besides from co-founding the Bitcoin Foundation, he is on the board of Globitex and was on CoinDesk’s editorial board. Earlier Matonis worked for Visa and was CEO of Lydia Group, a private equity consultancy group.

Matonis and Mount enter a board that is chaired by Tobias Straessle, the former Saxo Bank Chief Information Officer and Chief Operating Officer. CRYPTALGO is headed by Francisco Portillejo Hoyos. The former Head of Derivatives Distribution for EMEA & LATAM at UBS AG is presently the cryptocurrency firm’s CEO.

Jon and Ed are prominent leaders of their respective industries - having them on board enforces investor interest in the cryptocurrency and blockchain market and continues to align the high standards of practice that CRYPTALGO provides with that of our clients. They are a strong and welcome addition to a team that aims to provide investors with robust, compliant and institutional-grade tools for crypto trading and investments.
Francisco Portillejo Hoyos,

CRYPTALGO was established in 2017. The company suggests connections to 20 crypto exchanges, providing execution services and asset management solutions to institutional customers. Cryptocurrency algo-trading system is being deployed by the firm, it is also proposing an arbitrage fund and other crypto investment products such as Indices and exchange-traded-funds (ETFs).

New York State to Revise BitLicense Granting Terms

At the moment, BitLicense is the most stringent legal framework for the cryptocurrency industry
23 October 2019   5

The terms for granting the so-called BitLicense, the license required for cryptocurrency companies to work in New York State, will be reviewed. This was stated by the superintendent of the New York Department of Financial Services (NYDFS) Linda Lacewell, reports CoinDesk.

BitLicense is considered the most stringent legal framework for the cryptocurrency industry at the state level. In particular, companies are required to receive it for cryptocurrency transactions of New Yorkers, even if they themselves are based in other jurisdictions.

Last year, Kraken, a San Francisco-based exchange, chose not to receive BitLicense, but to completely leave New York. Earlier this year, the Bittrex exchange (Seattle) also left the state without licensing.

This is a good time to take a look, a responsible look and see how our regime is fitting the current market and … what if any adjustments should we think about making to continue to adapt to sort of a changing industry … that’s going to be one of the things that [we do].

Linda Lacewell

Superintendent, New York Department of Financial Services

At the same time, she called not to “be too happy” about possible changes in the rules for the cryptocurrency industry.

According to her, the current regulatory regime “works well,” but the industry has changed since 2015, when BitLicense was introduced.

How has the industry grown? Has it matured in any way? And I don’t want to get too specific, but you know, it’s a good time for a second look.

Linda Lacewell

Superintendent, New York Department of Financial Services

 Lacewell did not specify when the revision of licensing terms will be completed and what exactly industry participants can expect in the end.

Since the introduction of the license until June 2018, only 6 companies have received BitLicense, but over the past 20 months, after the regulator has softened its position, 16 more companies have been added to their number.